Immunomedics (NASDAQ: IMMU) fell 13% today, after The Fly reported that Immunomedics told an Jefferies analyst that the biotech won’t report data for its cancer drug sacituzumab govitecan, which also goes by the code name IMMU-132, at the American Society of Clinical Oncology meeting in June.
Biotech investors often jump into stocks ahead of data releases and then move on, so it isn’t particularly surprising that the lack of a binary event would cause shares to decline even if it doesn’t change Immunomedics’ underlying valuation.